Traditional bank accounts are no longer the only option. In 2025, fintechs and digital banks offer savings accounts with interest rates well above average. Here are the best options to maximize your savings without paying fees.
Why choose an online savings account?
- Higher interest rates.
- No maintenance fees.
- Faster transfers.
- Access to advanced mobile apps.
- Plus, most are FDIC-insured up to $250,000, giving you the same security as a physical bank.
Best High Yield Savings Accounts in 2025
| Bank | Fintech APY (annual interest) | Monthly fee | Minimum amount |
|---|---|---|---|
| SoFi Checking & Savings | 4.60% | $0 | $0 |
| Discover Online Savings | 4.25% | $0 | $0 |
| Ally Bank | 4.20% | $0 | $0 |
| Capital One 360 | 4.10% | $0 | $0 |
| CIT Bank | 4.75% (Premier) | $0 | $100 |
How to open your account in 5 minutes
1.Choose the bank that best suits your needs.
2.Have your social security number, address and mailing address ready.
3.Fill out the online form and transfer funds from another account.
You’re done! Start earning interest from day one.
Conclusion
Opening a digital savings account is one of the best financial decisions in 2025. Not only do you avoid fees, but you can earn more than 10 times the average interest of a traditional bank. Take advantage of these options and make your money work for you.